ADM oilseed business boosts Q1 sales

Archer Daniels Midland Co. (ADM) demonstrated its strength in oilseeds
processing and agricultural services, despite a slowing of the ethanol boom.
First-quarter earnings of US$441 million were 9% more than in the same period a
year ago.

Sales rose 36% to $12.83 billion from $9.45 billion a
year earlier, far above the $10.64 billion expected by analysts. Profit in ADM's
oilseeds processing business rose nearly 23% to $209 million from $170 million a
year ago, due to strong demand worldwide for protein meal and oil. Corn
processing operating profit declined 12% to $253 million due to lower ethanol
sales prices and volumes and higher net corn costs. Ethanol income declined 52%
before taxes.